Baker & McKenzie’s Hong Kong-based securities team has advised China Fishery Group Ltd on one of its subsidiaries' recent offering of $300 million 9.75 percent senior notes.
The issuer, CFG Investment S.A.C., is an indirect wholly-owned Peruvian subsidiary of China Fishery Group Ltd, a global industrial fishing company with one of the largest volumes of ocean catch fish in the industry, according to a statement by Baker & McKenzie.
The notes, listed on the Singapore Exchange Securities Trading and due 2019, are guaranteed by the China Fishery Group and some of its other wholly-owned subsidiaries. The notes have received a Ba3 rating from Moody’s Investors Service, a BB- from Standard and Poor’s Ratings Services, and a BB from Fitch Ratings.
China Fishery is expected to use the majority of the net proceeds to finance the expansion of its fishing operations in North Pacific waters, including the prepayment of a vessel operating agreement.
The Baker & McKenzie team was led by Hong Kong securities partners Brian Spires and Christina Lee.
The joint lead managers and bookrunners for the offering were HSBC, BofA Merrill Lynch, Standard Chartered Bank, ANZ, Jefferies, Rabo Securities, and Deutsche Bank.
Liu Zhen is North Asia senior journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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